NuWave Investment Management LLC takes $47,000 position in M&T Bank Co. (NYSE: MTB)

June 24, 2022

Montana Lending

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NuWave Investment Management LLC has purchased a new stake in the shares of M&T Bank Co. (NYSE: MTBGet a rating) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The company bought 279 shares of the financial services provider, valued at around $47,000.

Several other large investors also bought and sold shares of MTB. CVA Family Office LLC acquired a new stake in M&T Bank stock during Q4 valued at approximately $31,000. Widmann Financial Services Inc. acquired a new stake in M&T Bank in Q4 worth approximately $37,000. UMB Bank NA MO acquired a new stake in M&T Bank in Q4 worth approximately $49,000. Lindbrook Capital LLC increased its holdings in M&T Bank by 39.2% in the fourth quarter. Lindbrook Capital LLC now owns 355 shares of the financial services provider worth $55,000 after buying an additional 100 shares in the last quarter. Finally, Covestor Ltd acquired a new stake in M&T Bank in Q4 worth approximately $55,000. Hedge funds and other institutional investors own 87.61% of the company’s shares.

Several equity research analysts have recently released reports on MTB shares. Goldman Sachs Group raised its price target on M&T Bank from $183.00 to $210.00 and gave the stock a “neutral” rating in a Monday, April 4 report. Wolfe Research lowered its price target on M&T Bank from $214.00 to $187.00 and set an “outperform” rating on the stock in a Thursday, May 26 report. JPMorgan Chase & Co. launched a hedge on M&T Bank in a Thursday, April 14 report. They issued a “neutral” rating on the title. Citigroup launched coverage on M&T Bank shares in a research note on Thursday, March 24. They issued a “buy” rating on the stock. To finish, StockNews.com upgraded M&T Bank shares from a “sell” to a “hold” rating in a Friday, June 10 research note. Seven research analysts have rated the stock with a hold rating and eight have assigned the stock a buy rating. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $194.62.

MTB stock opened at $159.64 on Friday. The company has a market capitalization of $28.64 billion, a PE ratio of 12.20, a PEG ratio of 0.95 and a beta of 0.86. The company has a debt ratio of 0.21, a quick ratio of 1.05 and a current ratio of 1.05. The company’s 50-day moving average price is $169.63 and its 200-day moving average price is $169.84. M&T Bank Co. has a one-year low of $128.46 and a one-year high of $186.95.

M&T Bank (NYSE: MTBGet a rating) last released its quarterly results on Wednesday, April 20. The financial services provider reported EPS of $2.73 for the quarter, beating the consensus estimate of $2.26 by $0.47. The company posted revenue of $1.45 billion for the quarter, compared to analysts’ estimates of $1.43 billion. M&T Bank posted a net margin of 29.31% and a return on equity of 11.45%. In the same quarter of the previous year, the company achieved EPS of $3.41. Equity research analysts expect M&T Bank Co. to post EPS of 14.11 for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 30. Shareholders of record on Wednesday, June 1 will receive a dividend of $1.20. This represents a dividend of $4.80 on an annualized basis and a yield of 3.01%. The ex-dividend date is Tuesday, May 31. M&T Bank’s payout ratio is 36.67%.

In other M&T Bank news, Vice Chairman Kevin J. Pearson sold 5,000 shares of the company in a trade that took place on Tuesday, May 17. The stock was sold at an average price of $169.71, for a total value of $848,550.00. Following the sale, the insider now owns 39,008 shares of the company, valued at $6,620,047.68. The sale was disclosed in a filing with the SEC, accessible via the SEC website. Also, VPE Robert J. Bojdak sold 525 shares of the company in a transaction that took place on Wednesday, June 8. The shares were sold at an average price of $177.82, for a total value of $93,355.50. Following the completion of the sale, the executive vice president now directly owns 19,075 shares of the company, valued at approximately $3,391,916.50. Disclosure of this sale can be found here. In the past three months, insiders have sold 7,725 shares of the company worth $1,335,332. 0.73% of the shares are held by insiders.

M&T Bank Profile (Get a rating)

M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The Company’s Business Banking segment provides deposit, lending, cash management and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial loans and leases, letters of credit and cash management services to medium and large commercial enterprises.

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Institutional ownership by quarter for M&T Bank (NYSE:MTB)



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